As Ethereum surpassed $4,000 on December 7, a prominent cryptocurrency figure placed a sell order worth $119.7 million.
According to on-chain data, Justin Sun of Tron Completed transfer of 29,920 ETH To HTX where Ethereum continued its impressive run three days ago.
The price of Ethereum last touched the $4,000 mark last March, and the current price action comes at a time of increasing demand for an Ethereum ETF. CoinGlass data shows that Ether ETFs have enjoyed it Largest daily flow Nearly $428 million on December 5.
Justin’s decision Disposed of over $119 million worth of ETH It sparked healthy questions and discussions about the TRON founder’s current strategy. Is he cashing in or just recalibrating a plan to make more profits?
After briefly flirting with the $4K level, ETH immediately corrected it, and is now trading at the $3,700 to $3,800 levels as of this writing.
Justin Sun Dividend Lockout?
Justin Sun bought 392,474 Ethereum worth $1.19 billion, at an average market price of $3,027 from February to August. The Tron founder is locking in profits based on Justin’s latest market decision.
The cryptocurrency entrepreneur also added 20,000 ETH to HTX last December 5th. The deal, worth $76.3 million, was the second largest cryptocurrency move exceeding $3,800.
Then, on December 8th, Sun added 29,920 ether, worth $119.7 million, to HTX after the price of the asset surpassed $4,000. According to Spot On Chain, the Sun deal generated a profit of $366 million, excluding income from over-the-air distribution and staking operations.
Sun continues to buy and transfer ETH tokens
Since early November, Sun has transferred 41,630 Ethereum, worth $145.9 million, to a few central agencies. Of this batch, 39,000 tokens were transferred to HTX and 2,630 tokens to Poloniex at an average market price of $3,505.
Interestingly, the TRON founder also added signing rewards to HTX, including 322,119 EIGEN tokens with a market cap of $1.44 million and another 175,021 ETHFI tokens worth $516,000.
Ether is showing strong growth
Ethereum Recent price risewhich allowed her to reach $4,000, started briefly last November. For a long time, Ethereum considered this price level to be its resistance zone. On-chain data and charts indicate that this price level is characterized by significant selling pressure, so Ethereum’s failure to maintain the price this week is understandable.
Although the market rejected the price, many analysts point out that the bulls among the buyers are likely to make another round to break the resistance level. With this latest rejection, we advise the market to watch sideways price movements. However, Ethereum has a favorable market structure, and if it breaks the lower trend line of the channel, the $3.5K level could be revisited.
Justin Sun’s $119 million Ethereum sell-off has sparked debate over whether it signals profit-taking or caution amid Ethereum’s $4,000 rally. While Sun has received significant gains, his continued hedging and transfers suggest a complex strategy rather than a simple exit. As Ethereum maintains strong fundamentals, investors will be watching closely to see if this sell-off is a trend or an isolated move.
Featured image from Screen Rant, chart from TradingView
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